Onsemi PLC Pursues 7 Billion Dollar Acquisition of Synaptics Incorporated

Onsemi PLC reported second-quarter revenue of $1.6 billion and adjusted earnings per share of $0.74, surpassing analyst expectations. The company forecast third-quarter revenue between $1.65 billion and $1.75 billion, with adjusted EPS projected between $0.81 and $0.93.

To accelerate its expansion into AI devices and robotics, the semiconductor company is pursuing a $7 billion all-stock acquisition of Synaptics Incorporated. This move aligns with a broader growth strategy focused on intelligent power portfolios. CEO Hassane El-Khoury projected that revenue from AI data centers will more than double in 2026, driven by rising demand for power management chips.

Concurrent with its expansion efforts, Onsemi PLC continues its "Fab Right" cost-cutting strategy. This operational efficiency plan included the sale of two manufacturing facilities in July.